Hong Kong Exchange CEO Explores Ending Bad Weather Trading Halt

Bloomberg2021-07-20

Whenever inclement weather hits Hong Kong early in the morning, the city’s stock traders turn to the local observatory website to see if they need to go to work or not. Hong Kong has a detailed series...

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精彩评论

robot1234
2021-07-21
robot1234
Totally agree HKSE, as the world 3rd largest exchange, should review and enhance it's infrastructure capability to reduce shutdown due to inclement weather.
Bbex
2021-07-20
Bbex
Tell me your opinion about this news...
- Dkkindacool:
  Liked ur comment
- Alexsj2021:
  Like
- KLS回复Alexsj2021:
  Buybuy

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This includes the stock market -- the world’s third largest and where more than $24 billion worth of shares change hands on average every day.\nThis sensitivity to weather is something that Nicolas Aguzin, chief executive officer of Hong Kong Exchanges & Clearing Ltd. is struggling to understand.\n“I was like, we are not opening? What’s happening?” Aguzin said, describing his reaction to being told the $6.8 trillion marketwouldn’t openbecause the Black rainstorm signal was raised on June 28.\nAguzin didn’t indicate any changes will be imminent. But his comments illustrate how some of the rules governing the bourse are looking increasingly antiquated as the global finance industry adjusts to remote working amid the pandemic. The stock market only reopened in the afternoon on June 28 as rain abated. Last year, it closed for half a day inAugustand the whole day inOctoberwhen tropical storms neared.\n“People are already used to working from home,” Aguzin told aseminarat the Asia Society Hong Kong Center on Thursday. “The first question that I had was, should we leverage everything that we have learnt to find a way to see how we can continue operating?”\nTropical cyclone warnings range from 1-10, with 10 being a direct hit. Rainstorm warnings go from amber to red and black -- the latter being the most severe. Stock market hours are dependent on the level of the alert and the time it is raised or lowered.\nAguzin joined HKEX as CEO in May from JPMorgan Chase & Co., where he was most recently CEO of its international private bank. He’s been based in Hong Kong since 2012,accordingto the exchange operator.\nTom Chan, chairman of Institute of Securities Dealers in Hong Kong, says the industry has infrastructure in place to ensure continuous trading in bad weather. Most orders are received and executed electronically, while the pandemic has shown staff are able to operate remotely, Chan said.\nHong Kong’s history as a major port meant a cyclone warning system was important to minimize the loss of life for mariners. The topography of the island -- roads and buildings built into steep hillsides -- makes the city vulnerable to flooding and landslides from torrential rain that typically comes during the summer months. A black rainstormwarningmeans more than 70mm (2.8 inches) of rain has fallen in an hour and is likely to continue.\nHong Kong last raised its highest storm signal in 2018 when Typhoon Mangkhuthit the city, leaving roads blocked, buildings damaged and low-lying areas flooded. There have been 16 such maximum-level storms since records began in 1946. On Tuesday, the strong wind signal no. 3 was in force due to a nearby typhoon but the Observatorydidn’t expecta higher warning.\n“Of course I don’t want to put anyone at risk in terms of having to go into the office during a typhoon or a black storm,” Aguzin said. “But the reality is that there must be a way where we can make sure that when people trade, the market is open.”","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":178215027,"gmtCreate":1626823399269,"gmtModify":1626823399269,"author":{"id":"3561596430587504","authorId":"3561596430587504","authorIdStr":"3561596430587504","name":"robot1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3561596430587504"},"htmlText":"Totally agree HKSE, as the world 3rd largest exchange,&nbsp;should review and enhance&nbsp;it's infrastructure&nbsp; capability&nbsp;to reduce shutdown due to inclement weather.&nbsp;","listText":"Totally agree HKSE, as the world 3rd largest exchange,&nbsp;should review and enhance&nbsp;it's infrastructure&nbsp; capability&nbsp;to reduce shutdown due to inclement weather.&nbsp;","text":"Totally agree HKSE, as the world 3rd largest exchange, should review and enhance it's infrastructure capability to reduce shutdown due to inclement weather.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178215027","repostId":1169724460,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":171715078,"gmtCreate":1626764052294,"gmtModify":1633771246555,"author":{"id":"3585495612404250","authorId":"3585495612404250","authorIdStr":"3585495612404250","name":"Bbex","avatar":"https://static.tigerbbs.com/1b9742a298df2a05cd66c61894a464d3","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3585495612404250"},"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/171715078","repostId":1169724460,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5270508,"gmtCreate":1626764225120,"gmtModify":1635225447667,"authorId":4088040334979560,"author":{"id":4088040334979560,"authorId":4088040334979560,"name":"Dkkindacool","avatar":"https://static.tigerbbs.com/c512bce25d585c12e8a9f3419775a9b9","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":171715078,"type":1,"supId":0,"prevId":0,"content":"Liked ur <u>comment</u>","text":"Liked ur <u>comment</u>","html":"Liked ur <u>comment</u>"},{"id":5270513,"gmtCreate":1626764259031,"gmtModify":1635225447232,"authorId":3578806965809804,"author":{"id":3578806965809804,"authorId":3578806965809804,"name":"Alexsj2021","avatar":"https://static.tigerbbs.com/118ce3f5ead4a1ff38f3cc0783c1ccbc","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":171715078,"type":1,"supId":5270508,"prevId":0,"content":"<u>Like</u>","text":"<u>Like</u>","html":"<u>Like</u>"},{"id":5270579,"gmtCreate":1626765021847,"gmtModify":1635225442593,"authorId":3551655093075927,"author":{"id":3551655093075927,"authorId":3551655093075927,"name":"KLS","avatar":"https://static.tigerbbs.com/60fe00969bbce4cfecf0d17a38c77628","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3578806965809804,"repliedAuthor":{"id":3578806965809804,"authorId":3578806965809804,"name":"Alexsj2021","avatar":"https://static.tigerbbs.com/118ce3f5ead4a1ff38f3cc0783c1ccbc","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":171715078,"type":1,"supId":5270508,"prevId":5270513,"content":"<u>Buybuy</u>","text":"<u>Buybuy</u>","html":"<u>Buybuy</u>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":48,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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